Zaggle is a fintech platform that provides prepaid cards for employee benefits. The firm expanded the Employee Stock Option Plan by allocating 44,161 stock options to its current Employee Stock Option Plan pool size. The company provides card management, cash flow management, and insights solutions. These newly allocated employee stock option plan shares are worth Rs 2.03 crore. The startup allocated these stock options under its Employee Stock Option Plan 2022.

The company mentioned in a stock exchange filing that the Nomination and Remuneration Committee of the board approved the allotment of an additional 44,161 stock options at a face value of Rs 1 per share to those under the Zaggle employee stock option plan. The company allotted these fresh equity shares under the Zaggle ESOP 2022 plan. The logistic firm announced that these options will be convertible to one fully paid-up equity share at a face value of Rs 1 per share. Stock options can be exercised within 10 years from the day of the options’ vesting. inc42 reported. This marks the first expansion of Zaggle’s employee stock option plan pool sizes for this month.

The development came just a week after the startup acquired stakes in two tech companies Span Across IT Solutions and Mobileware Technologies. Zaggle acquired around 26 percent stake in Mobileware Technologies for Rs 15.6 Crore. The startup also got the board’s approval to buy 98.32 percent stakes in Span Across IT Solutions for Rs 32 crore. The Hyderabad-based startup has raised around 1.98 million USD across three funding rounds since its inception excluding the debt funding round. The company also received a $6.1 million investment from Vivriti Asset Management during its conventional debt funding round.

The fintech SaaS startup reported a 716 percent increase in its profit after tax to Rs 16.73 in the first quarter of FY25. However, the revenue from operations also saw a 113 percent increase to Rs 2.05 crore in the same duration. The provider of prepaid cards had its share closed with a 3.14 percent high at Rs 460.25 on the BSE on Friday.  Zaggle now joins other public companies like PB Fintech, TBO Tek, and Nykaa who increased their Employee Stock Option Plan pool size. Zaggle faces competition from other employee benefits offering fintech platforms including Sodexo, Razorpay, and Happay.

Conclusion:

Zaggle expanded its employee stock option Plan by allocating 44,161 additional stock options under its Zaggle Employee Stock Option Plan 2022. These newly allocated shares are worth around Rs 2.03 crore. The online fintech platform offers several fintech solutions including card management, cash flow management, and invoice automation. This is the first time this company has expanded its employee stock option plan in the past months. The board at Zomato approved the allocation of 44,161 employee stock option plan options under its ESOP 2022 scheme. The company has raised around 1.98 million USD across three funding rounds since its inception and it competes with platforms like Razorpay and Sodexo.